Jakarta - Petroleum Exploration and Production International Limited (PEPIL) and Fortico International Limited (Fortico) have agreed that the loan provided by PEPIL to Fortico is converted into PEPIL's equity participation in Fortico.

Previously, Fortico would use the US$14.49 million loan to support its operations.

"This change in the use of loan funds has no impact on Medco's operational activities, nor on business continuity," said Medco Director Anthony R Mathias in the IDX information disclosure on Thursday (16/9).

These two companies are business entities of PT Medco Energi Tbk (MEDC).